They are literally pulling the brakes. What happens when you pull a toggle, it lowers the rear part of the canopy. If you pull the left one, in the air, it causes the left side to slow down, and that makes you turn.
So as you approach the ground, you see them pull both toggles. This lowers the rear, and causes the front to collect air, and makes the skydiver swing forward and up. This is called a “Flare”.
The goal of flaring is to make sure you don’t land hard, AND it also slows your forward speed.
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